Posts tagged: EIN

LLC - Get Full Liability Protection From Your LLC

One of the most significant reasons to form Limited Liability Company (LLC) is to get liability protection. As a corporation provides a legal shield against their shareholders' assets, an LLC offers legal protection for the owner's or members' personal assets from business claims or debts. The risk of the LLC owner and members is generally limited to the amount of their investment. However, when your business is in a trouble such as a lawsuit, the court might go after you and your personal assets, especially if you have a single member LLC and haven't followed certain rules with your ...

EIN For My One-Member LLC

Do I need to get an EIN (Employer ID Number) when I'm the only member of LLC? One of the most important reasons that a business owner decides to establish LLC (Limited Liability Company) with only one member in the business is that they want to protect their personal assets from any loss that the business may cause. Limited Liability Company is relatively easy to set up, but the tax payment is not as clear because there is no separate tax classification for LLC. The business owner of LLC should decide which tax classification they are going to file on: sole ...